Citigroup Expands Mandate With Sagicor Jamaica and 2 Other Hot Stocks to Watch

On Monday, it was revealed that Citigroup has expanded its mandate from Sagicor Jamaica so as provide a comprehensive suite of fund administration, worldwide custody, and treasury services for Sagicor Investment Jamaica Limited: Sagicor Sigma Funds and Sagicor Investments, together with Sagicor Bank Jamaica Limited’s proprietary assets.

Dating back to 1840, Sagicor fashioned itself a dynamic group that has been reshaping financial services in the Caribbean and building a strong base from which it has built up into the international financial services market. Presently, Citi supplies daily securities valuation, reporting, reconciliation, fund accounting, and custody services for Sagicor Life Jamaica and Sagicor Life Cayman Islands.

On Monday, it was announced that MannKind satisfied the conditions for the second tranche of $40 million of 9.75-percent senior secured convertible notes through its finance agreement with Deerfield Management Company L.P. The firm notes that in July, the firms entered into a facility agreement, pursuant to MannKind’s ensured financing worth $160 million from Deerfield. In return, the latter has agreed to provide the loan via its purchase of four equal tranches of senior secured notes from MannKind. The notes are due to mature in 2019 and will carry a yearly interest of 9.75 percent.

Cobalt has revealed that it did not find oil of any commercial value at one of its deepwater wells in the Gulf of Mexico. Analyst Jeb Bachmann at Howard Weil said that many investors had “sensed over the past couple of weeks” that the well would not strike oil, as he trimmed his target on the stock by $1 to $44. Cobalt said that the Ardennes 1 exploratory well in Green Canyon Block 896 reached its objective depth of about 36,550 feet but encountered sand. Shares are down more than 12 percent in New York on Monday.